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51.Which of the following
wouldnotbe considered internal users of accounting data for a company?a.The president of a companyb.The controller of a
companyc.Creditors of a companyd.Salesmen of the company1 -2
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- Which of the following would be considered an internal user of accounting data?Which of the following would not be considered an internal user of accounting data for the XYZ company?Which of the following would not be considered an internal users of accounting data for a company Mcq?Which of the following would not be considered an internal user of accounting information for the ABC company?
52.Which of the following is an external user of accounting
information?
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53.Which one of the following isnotan external user of accounting information?
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54.Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accountingprocess?All of the following are services offered by public accountants except
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a.budgeting.b.auditing.c.tax planning.d.consulting.
a56.Which list below best describes the major services performed by public accountants?57.Preparing tax returns and engaging in tax planning is performed by
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a58.A private accountant can perform many activities in a business organization but wouldnotwork in
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Henson Company began the year with retained earnings of $350,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings the end of the year?
a. $510,000
b. $430,000
c. $810,000
d. $470,000
Pinson Company began the year with retained earnings of $550,000. During the year, the company recorded
revenues of $600,000, expenses of $380,000, and paid dividends of $140,000. What was Pinson’s retained earnings the end of the year?
a. $910,000
b. $630,000
c. $1,010,000
d. $480,000
Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney’s net income for the year?
a. $15,000
b. $35,000
c. $25,000
d.
$45,000
Lankston Company began the year by issuing $60,000 of common stock for cash. The company recorded revenues of $550,000, expenses of $480,000, and paid dividends of $30,000. What was Lankston’s net income for the year?
a. $40,000
b. $100,000
c. $70,000
d. $130,000
Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded
expenses of $600,000, and paid dividends of $40,000. If Gilkey’s ending retained earnings was $165,000, what was the company’s revenue for the year?
a. $610,000
b. $650,000
c. $820,000
d. $860,000
Kilmer Corporation began the year with retained earnings of $310,000. During the year, the company issued $420,000 of common stock, recorded expenses of $1,200,000, and paid dividends of $80,000. If Kilmer’s ending retained earnings was $330,000, what
was the company’s revenue for the year?
a. $1,220,000
b. $1,300,000
c. $1,640,000
d. $1,720,000
Jimmy’s Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. Stockholders’ equity the end of the year was
a. $180,000.
b. $150,000.
c. $120,000.
d. $135,000.
Jimmy’s
Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. The net income reported by Jimmy’s Repair Shop for the year was
a. $120,000.
b. $150,000.
c. $90,000.
d. $285,000.
Ashley’s Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business
recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. Stockholders’ equity the end of the year was
a. $60,000.
b. $55,000.
c. $65,000.
d. $35,000.
Ashley’s Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. The net income reported by Ashley’s Accessory Shop for the year
was
a. $40,000.
b. $50,000.
c. $65,000.
d. $55,000.
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston’s assets on December 31, 2012 are:
a. $705,000
b. $510,000
c.
$240,000
d. $285,000
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston’s retained earnings on December 31, 2012 are:
a. $225,000
b. $270,000
c. $240,000
d. $ 15,000
Elston Company compiled the following financial information as of December 31, 2012:
Revenues $420,000
Common stock 90,000
Equipment 120,000
Expenses 375,000
Cash 105,000
Dividends 30,000
Supplies 15,000
Accounts payable 60,000
Accounts receivable 45,000
Retained earnings, 1/1/12 225,000
Elston’s stockholders’ equity on December 31, 2012 is:
a. $315,000
b. $330,000
c. $240,000
d. $360,000
Benedict Company compiled the following financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict’s assets on December 31, 2012 are:
a. $470,000
b. $340,000
c. $160,000
d. $190,000
Benedict Company
compiled the following financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict’s retained earnings on December 31, 2012 are:
a. $150,000
b. $180,000
c. $160,000
d. $ 10,000
Benedict Company compiled the following
financial information as of December 31, 2012:
Revenues $280,000
Common stock 60,000
Equipment 80,000
Expenses 250,000
Cash 70,000
Dividends 20,000
Supplies 10,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict’s stockholders’ equity on December 31, 2012 is:
a. $210,000
b. $220,000
c. $160,000
d. $240,000
Marvin Services Corporation had the following accounts and
balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders’ equity ?
If the balance of the Buildings account was $28,000 and $2,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders’ equity?
a. $54,000
b. $48,000
c. $68,000
d. $52,000
Marvin Services Corporation had the following
accounts and balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders’ equity ?
If the balance of the Buildings account was $16,000 and $4,000 of Accounts Payable were paid in cash, what would be the total liabilities and stockholders’ equity?
a. $36,000
b. $52,000
c. $32,000
d. $48,000
Marvin Services Corporation had the
following accounts and balances:
Accounts payable $12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders’ equity ?
If total stockholder’s equity was $38,000, what would be the balance of the Buildings Account?
a. $14,000
b. $54,000
c. $58,000
d. $18,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable
$12,000 Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders’ equity ?
If the balance of the Buildings account was $30,000 and the equipment was sold for $14,000, what would be the total of stockholders’ equity?
a. $26,000
b. $36,000
c. $46,000
d. $50,000
Marvin Services Corporation had the following accounts and balances:
Accounts payable $12,000
Equipment $14,000
Accounts receivable 2,000 Land 14,000
Buildings ? Unearned service revenue 4,000
Cash 6,000 Total stockholders’ equity ?
If the balance of the Buildings account was $34,000, what would be the total of liabilities and stockholders’ equity?
a. $68,000
b. $70,000
c. $54,000
d. $50,000
Which of the following would be considered an internal user of accounting data?
Board of directors, Partners and Mangers are considered as internal users.
Which of the following would not be considered an internal user of accounting data for the XYZ company?
Which of the following would not be considered an internal user of accounting data for the XYZ Company? President of the employees’ labor union.
Which of the following would not be considered an internal users of accounting data for a company Mcq?
Answer choice c.
External users are not involved in the day to day operations and are external to the organization. Examples of external users can include creditors and investors.
Which of the following would not be considered an internal user of accounting information for the ABC company?
Which of the following would not be considered internal users of accounting data for a company? The controller of a company.
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